Bénéteau (BEN) H1 2024 earnings summary

Executive summary

• H1 2024 results reflect the effectiveness of the value-driven growth strategy and adaptability amid market changes, especially in the US small units segment.

• Premiumization and adaptation measures are ongoing, with positive market response to new models and innovation initiatives.

Financial highlights

• H1 2024 revenues: €556.6m, down 31.5% year-over-year; EBITDA: €77.7m, down 50.8%; net income (Group share): €49.4m, down 57.8%.

• Free cash flow was negative at -€51.2m, compared to €58.9m in H1 2023.

• Net cash position at June 30, 2024: €136.6m after dividends and bonuses.

• Shareholders' equity stood at €845m, up from €795m a year earlier.

Outlook and guidance

• 2024 Boat division revenue guidance confirmed at around €1bn; operating margin revised to 4%-6% (previously 3%-6%).

• Excluding American brands, operating margin expected at 6%-8%; American brands forecast an operating loss of nearly €15m.

• Full-year internal inventory reduction of €20m-€50m targeted; €100m-€150m dealer stock reduction expected.

• Strategic focus on cost adaptation, value-driven growth, and sustainable innovation continues.